Ford Confirms Jim Hackett Will Replace CEO Mark Fields

Ford Motor Co. confirmed that Chief Executive Mark Fields will retire after 28 years with the auto maker. Fields will succeeded by Jim Hackett, who was the executive chairman of Ford Smart Mobility for the past 14 months. Hackett was previously the CEO of Steelcase Inc. . Hackett will report to Executive Chairman Bill Ford. "We're moving from a position of strength to transform Ford for the future," said Ford. "Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space." The Wall Street Journal reported earlier Monday that Hackett would replace Fields, amid a declining share price and pressure on profit. Ford's stock, which rallied 1.8% in premarket trade, has dropped 10.4% year to date through Friday, while shares of rival General Motors Co. have lost 6.1% and the S&P 500 has gained 6.4%.